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Updated over 5 years ago on . Most recent reply
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Milwaukee City Owned Properties worth it?
For those of you who work in the Milwaukee area, I find myself glancing and enticed by some of the city owned properties that could potentially be worth looking further into. There are many perks that the city is offering to help encourage buyers to fix up and revitalize the neighborhoods. I'm not interested in looking in warzones, but has anybody bought a property through the city that could vote for or against it? TIA-Kat
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I've purchased 2 properties from the City of Milwaukee (tax foreclosures). Keep in mind that there are two requirements when purchasing City-owned properties:
1. You are required to take the Landlord class from the City of Milwaukee (not a bad class actually, but you need to attend in person, it's not an online thing).
2. There is a deed restriction that you cannot sell the property for a number of years otherwise you face a penalty.
If you are okay with these two things, then it's worth investigating.
City Owned properties are not always available to purchase by investors. Some are specifically ear-marked for Owner-Occupants only, so you need to read the listing carefully. Also, the City will give you a "scope of work" and you need to make sure you have proof of funds that cover both the purchase price AND the scope of work. If you don't agree with the City's scope of work, then you need to submit your own when you submit the offer. As someone else on this thread mentioned, some of the properties may cost more to rehab than the value of the property, so not every property is a good deal. Many city-owned properties are located in D-class areas, so keep that in mind.
In both cases, I'm glad I bought the houses I did. I rehabbed them well, and the tenants I've placed after rehabbing are both still there to this day.